UK Regulators Hit Citi With A Massive $79M Fine For Trading Control Failures
Portfolio Pulse from Benzinga Neuro
UK regulators have fined Citigroup Inc (NYSE:C) $79 million for trading control failures at its subsidiary, Citigroup Global Markets Limited (CGML). The fine was imposed due to deficiencies in CGML's trading controls, which led to significant trading incidents. The fine was reduced by 30% after Citigroup agreed to address the issues.
May 22, 2024 | 8:48 am
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Citigroup Inc (NYSE:C) has been fined $79 million by UK regulators for trading control failures at its subsidiary CGML. The fine was reduced by 30% after Citigroup agreed to address the issues.
The fine is significant and highlights deficiencies in Citigroup's trading controls, which could negatively impact investor confidence in the short term. The reduction in the fine shows Citigroup's willingness to address the issues, but the overall impact is likely negative.
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